Canadians for Federal Inquiry into Gas Prices

April 13, 2012 Suncor fined $500,000 for Price Fixing by Competition Bureau of Canada yet Government does nothing! www.cbc.ca/.../04/13/suncor-price-xing.html

May 5th, 2011 the Retail cost of gasoline was at $0.9052 per litre while Crude Oil was at $106.04 per barrel.

March 16th, 2012 the retail cost of gasoline was at $1.304 per litre ($5.88 per gallon) while Crude Oil was at $105.68 per barrel. (Mar. 21, 2012).

April 4th, 2012 crude is now at $101.77 and gasoline has gone up to $1.347 per litre. The last time gasoline was $1.347, the price of crude oil was $138.00 per barrel.

The USA reports their oil reserves are the highest since 2008.

Crude Oil Price History can be found at: http://www.nyse.tv/crude-oil-price-history.htm

This represents a 44% increase in the cost of retail gasoline while crude oil increased by only 11%; a 33% overall increase in margins including profits from exchange rates that verify the Canadian dollar is above par with the U.S. Dollar. NOTE: The price of gasoline
per gallon is cheaper in China according to CTV NEWS, Mar 20th

Crude Oil Price source: http://www.nyse.tv/crude-oil-price-history.htm
Retail Gas Price source: http://www.gasbuddy.com

NOTE Canada currently supplies the USA with 28.3% of their total crude imports (CBS national news March 22, 2012)

"Imperial Oil announces estimated third-quarter financial and operating results Calgary, Alberta, October 27, 2011.

Earnings in the third quarter of 2011 were $859 million, up 106 percent or $441 million from 2010. Another record quarterly production at Cold Lake and higher production at Syncrude contributed to an oil-equivalent production increase of five percent over the third quarter of 2010...

Canada is well-positioned to support this increase in energy demand through the nation’s oil sands resource. At more than 170 billion barrels of recoverable reserves,
the oil sands are surpassed only by Saudi Arabia’s in scale. They represent nearly HALF of the GLOBAL OIL RESERVES fully accessible to private-sector investment.”

In fact, the Canadian Energy Research Institute estimates that development of the oil sands will contribute $1.7 trillion to Canada’s GDP over the next quarter century. There will be new government revenues of over $19 billion per year from oil sands activities.

During the second quarter of 2003, tax rate reductions enacted by the Federal government and the provincial government of Alberta and settlement of various tax matters benefited results, mainly in the resources segment, by $109 million. In the second quarter of 2002, tax settlement and income tax rate changes benefited earnings by $53 million. Exxon Mobil Corp's participation in the above maintained its ownership interest in Imperial at 69.6 percent.” (foreign ownership of Canadian Resources supported by the Canadian Government)

The pipeline system currently has the capacity to deliver up to 590,000 barrels per day of Canadian crude oil into these important North American refining markets. “The Keystone XL project will carry up to 830,000 barrels of oil per day from northern Alberta to refineries in Oklahoma and the Gulf Coast in Texas”

http://imperialoil.com/Canada_English/about_media_releases_20111027.aspx

http://www.cbc.ca/news/canada/story/2011/09/16/f-keystone-xl-pipeline.html

From SHELL OIL Website: “Net Cash from Operating Activities UP 34% to $34 BILLION from 30+ Refineries.
We expect the cumulative cash flow from operations, excluding working capital movements, to be approx. 50% higher over the next four years than it was over the past four years – if the Brent price is around $100 per barrel, 3.2 Million number of Barrels of oil equivalent we produce every day. Brent crude oil prices traded in a range of $95-125 per barrel throughout most of 2011, ending the year at $106.51 per barrel. On average, 2011 prices were some 40% HIGHER than they were in 2010. Brent crude oil averaged $111.26 per barrel in 2011, compared with $79.50 in 2010; West Texas Intermediate (WTI)”
http://www.reports.shell.com/annual-review/2011/servicepages/downloads/files/entire_shell_review_11.pdf

Government is providing “tax reductions” to major oil refiners which are being passed on to the taxpayer in numerous ways including taxes at the pump.

By their own admission, over 590,000 barrels of oil are being exported by only one Refinery while Canadians are paying premium prices for retail gasoline. If these exports were terminated by Government influence (which has to approve the exports), gas prices in this country would inevitably decrease. So while we contine to export our own crude oil, we are simultaneously importing through OPEC countries such as Iran, Iraq, Libya, Afghanistan & Syria which we all recognize have terrorist related affiliations.

Imperial Oil clearly states there are over 170 TRILLION barrels of oil in this Country while the Refineries claim “Supply & Demand” is the reason for price
increases; or the standard excuses about “summer driving season” or “winter heating season” continue to falsify the realities to the Consumer.

The Oil companies have no basis to use this excuse given the amount of crude oil that is currently being exported to the USA (factual)

I urge all who read this Petition to a) SIGN IT; b) SEND the link to all on your email list and ask them to do the same.

Once there are sufficient signatures, copies of the Petition will be emailed to every major Media source including Television and Newpapers, The Prime Minister,
The Finance Minister and the Leader of the Official Opposition.

The high cost of gasoline & diesel full is impacting every sector of the economy with higher transportation costs that affect food, manufacturing, travel, export costs and overall consumer spending which will result in slowing of economic growth which could lead to yet another recession. In the meantime, Big Oil lines their pockets with glee while everyone suffers. It is time for Canadians to make their voices heard!